A trader known for accurately predicting Bitcoin’s 2018 bottom has identified a Solana-based memecoin with strong growth potential. The analyst, operating under the pseudonym Bluntz, shared his outlook with over 321,000 followers on social media platform X.
Bluntz pointed to dogwifhat (WIF), a memecoin within the Solana (SOL) ecosystem, suggesting it could surge approximately 472% to surpass its March 2024 all-time high.
Using Elliott Wave theory, which analyzes price trends in five-wave patterns, Bluntz indicated that WIF began a bullish uptrend earlier this month. According to his three-day timeframe analysis, WIF bottomed out earlier this year.
In the short term, the analyst expects a potential 10% correction before the next upward move, based on a one-hour timeframe chart showing a five-wave rise from recent lows.
At the time of reporting, WIF is trading at $0.845.